Australian fintech startup raises $80 million in funding round

In what's being called the second largest funding round in Australian history, Melbourne-based fintech startup Airwallex announced yesterday the completion of their Series B funding round that raised USD$80 million (AUD$108 million).

Airwallex facilitates cross-border transactions for businesses. Founded in 2015 by Jack Zhang, Jacob Dai, and Lucy Yueting Liu, the fintech startup has already completed five funding rounds for a total funding amount of $102 million — the most recent funding round bringing in the bulk of that.

I’m thrilled to today announce the successful completion of our Series B fundraising with USD $80m - one of the highest fundraising rounds in Australian history. https://t.co/J2Hi598bHK

“When we first started, we wanted to build a solution that was compact, smart, and helped reduce the cost and improve efficiency of making payments,” she told SmartCompany. “Now it’s more than that. We’re looking to use a partnership model to try to really build an end-to-end solution [to] help these businesses, and a lot of sub-traders to expand globally.”